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... I ... what's all Chief Economics editor here Apple Wall Street John all ... and Sudbury was there's the matter to listen to the press conference with the Nikkei ... what did you make of all of that that that ... well I think that the Fed seems to have pulled off its goal this time ... they began the tapering they're gonna reduce their purchases of bonds by ten billion a month ... but the market focused on their promise to keep interest rates very low for a long time and the market ... the stock market did really well ... I'm I think it's it's hard to pin or for the Fed to give it to our message ... but this time they did ... I don't think the chairman and an awful lot of the press conference that had trouble staying awake thereafter the first forty five minutes but ... I he laboriously explained that ... they're still trying to help the economy they just don't think this continuing QE eighty five billion a month ... but the economy needs ... and it still canceled ferry at times is a very minimal in sums of minimal reduction and that sums of applying ... relative to band timeout massive holdings of ... trillions ... of dollars of mortgage securities and and of Treasurys seventeen in some ways it is ... it is small right we can acknowledge that that's what is this ... well ... look the Fed has four trillion dollars ... now in its portfolio that's a lot of money ... and once upon a time the Fed told us it didn't matter how much they bought many one-month ... that matter how much they have ... but the evidence of this year is that ... is two times for ... when the Fed started talking about tapering in the spring the stock market went down in interest rates went up ... when they surprise us in September it didn't taper he went the other way ... so there is some market evidence that the market is sensitive ... to the pace at which the Fed is buying the securities ... one reason the market is so sensitive is that ... people sought as a signal ... of the Fed's willingness to continue to provide easy credit ... what the Fed did today it's a lot folks ... where tapering it's a small and as you suggest ... if things go as we expect will probably be done with our bond buying ... at the end of two thousand and fourteen ... well we are going to keep interest rates near zero ... the onthe point which unemployment ... reaches six point five percent ... that is to say we expect ... interest rates be near zero well into twenty fifteen ... that's extraordinary we'll have snow up at seven or eight years and zero interest rates so I think that is the Fed's message here ... that's a drain on Macedonian the of the bill is very interesting and Sunday from my perspective that it ... was right is talking about the monthly book quizzing him and the press conference about ... you know well beyond the six non essential well below the six not the sun unemployment right he did mention participation as one of those and those issues as to why they would just be a points aid in our point of which they say ... try to update below six off with Indigo and to say you know ... it's more short-term interest rates up I thought I was very interesting what did you think ... right so what the Fed itself in any ... position with which it was uncomfortable it started talking about the unemployment rate ... is if that were the only ... a number on its Diovan it was watching ... then they realize that that was misleading because the unemployment rate ... has been depressed in part because so many people left the said ... the system so many people have gone to the sidelines of the economy ... so he made clear as clear as he can give me he's not going to be the one making the decisions ... that they're not total of only if the unemployment rate ... that's completely consistent with the stuff to Janet Yellen his likely successor said she's been talking about the labor market in ... the long term unemployment and a fraction of people already looking for work for some time ... I think that was what one other things he was doing here was giving voice to what he knows ... will be the things that she looks like since of course it'll be her decision was to raise interest rates ... he'll be off writing a book somewhere ... can be a friend of books on why battle the a lot of fun from having a lot of pressure and then tell thank you my much ... David Wessel ... Economics Editor and The Wall Street John all